How to Remove Credit Inquiries from Credit Report

What is a Credit Inquiry?

Credit inquiries can be classified into two types:

• Hard inquiries-requests to view a consumer’s credit report
• Soft inquiries – requests for information about the credit report itself.

A hard inquiry means that a lender, creditor, or service provider requests a copy of your credit report for the purpose of making a loan decision. Hard inquiries can be negative for your credit score because they indicate that you may be taking on new debt.

A soft inquiry is one that is not recorded on your credit report. But it occurs as a result of your request to obtain a copy of your own credit report or as a result of an employer or potential landlord checking your credit report. Many people view their own credit reports so they can strategize how to remove late payments from their credit reports.

Types of Credit Inquiries

It is critical to understand the elements that contribute to your credit score. This can help you take precautionary actions in the event that inquiries are required. One can also take steps to preserve their score by minimizing inquiries. There will be both hard and soft inquiries on your credit report for two years, but only hard inquiries will affect your credit score for the first year after they appear on your credit report.

A lender conducting a credit inquiry will seek a copy of your credit report. It is possible that the lender will initiate it to determine whether or not you are creditworthy, or you may initiate it when applying for a new line of credit. Your credit score is established by the information in your report as well as the number of inquiries on that report. Your score will decrease in direct proportion to the number of inquiries you make.

Checking Your Credit Score

A credit inquiry is a request for information about your credit history made by a company. Prospective lenders, landlords, employers, and insurance providers frequently make such a request.

It is critical to have a firm grasp of the differences between a hard investigation and a soft inquiry.

When you apply for credit and someone looks at your credit report because of the application, this is called a “hard inquiry.” When someone checks your credit history without applying for a loan or another service, this is called a “soft inquiry.” There is nothing wrong with inquiries because they can be used to see how an account is doing or if there are any new accounts that need attention.

What Are the Different Types of Credit Inquiries Possible?

An inquiry is a request for a copy of your credit report. There are two types of questions: Hard and Soft. An inquiry from a lender or creditor to whom you have applied will appear on your credit report is a hard inquiry. The most serious sort of inquiry is a hard inquiry. In most circumstances, you will be required to produce one when applying for a credit card, loan, or mortgage. Companies that want to offer you insurance or other products may perform a soft inquiry to obtain information about you with your permission.

What Impact Does An Inquiry Have On Your Credit Score?

A “credit inquiry” occurs when a lender checks your credit history to evaluate whether or not you are suitable for a loan. This information will appear on your credit record for the next two years, which may affect your credit score.

Depending on the nature of the query and your current situation, the outcome could be either positive or negative. Some lenders may view this as an indication that you are in need of financial aid, while others may assume you are recklessly using credit.

How do you remove a negative inquiry that has been made on your report?

Your credit score can be affected by multiple hard inquiries. But this doesn’t have to stay that way. You can always have them removed by either contacting the inquirer or filing a dispute.

If you are unsure who made the inquiry on your credit report, check your credit report. If the inquirer is listed on your report, you should be able to contact that company directly. In such a situation, acting quickly is important. Explain to them that you wish to have their inquiry removed from your credit report.

5 Ways to Remove Your Credit Inquiries

1. You can wait 2 years and they can fall off on their own.
2. If you believe the inquiry was fraudulent or erroneous, you can request a removal from the Credit Bureaus.
3. You can also contact the company that made the inquiry and see if they can remove it

Conclusion

The impact of credit inquiries on your credit score is typically considered to be minimal. However, that doesn’t mean they can’t have a negative effect on your credit score. The impact of hard inquiries, usually done by a lender, can negatively affect your credit score if done repeatedly. The good news is that this article has hopefully addressed that issue.